A successful business strategy depends on the ability to perform an astute risk assessment. That’s hard enough to deliver under the best of circumstances - and COVID-19 leaves companies performing risk assessments under some of the worst. Clearly, fresh risk assessments are necessary.

COVID-19 has transformed a host of business operations, and that means a host of business risks have changed, too. At the same time, however, your ability to assess those risks has come under strain, often in very practical ways. The purpose of the business assessment is to identify core functions and key people in your business to understand:

  • Parts of the business most under strain, so you know what to protect.
  • Opportunities to boost certain products or services to meet changing customer demand.
  • New ways of working that can benefit both employees and customers.

The question becomes, what specific factors should professionals take into account to perform a business risk assessment in this COVID-19 environment. It is easy to say “everything” has changed but what does that really mean to your business and your strategies?

Who Should Attend:

  • Accountants and Finance professionals
  • Internal auditors/Professionals considering the role of internal audit
  • Legal and Compliance professionals

Topics Covered:
In this session, we explore the concept of business risk assessments and how the COVID-19 pandemic had changed the way organizations should approach and execute their assessments. We will review risk factors embedded in the new business environment and discuss the reality of taking this opportunity to pause and take a critical look at your current business, so you know what to protect and where to focus your efforts.

Learning Objectives
  • Explore and evaluate the difficulty with the traditional risk assessment process.
  • Discover and examine key risk exposures that may have arisen due to COVID.
  • Explore 3 core components of a dynamic risk assessment.
    • Decide on risk management approach.
    • Determine risk appetite.
    • Detect risks and control weaknesses.
  • Explore and understand and explore variations in the concepts of risk appetite, risk tolerance and likelihood.
  • Recognize and examine how to safeguard your business with COVID-19 risk management tactics.
  • Explore model or scenario type risk assessment plans.
Last updated/reviewed: March 16, 2024
3 Reviews (10 ratings)


Anonymous Author
This course is so relevant, given current times. Appreciate the helpful hints, especially for leaders in business resilience.

Anonymous Author
This is partly a refresher course, partly a synthesis of COVID crisis experience in the context of risk management.

Anonymous Author
This is a refresher course on risk management. Nothing surprised me. Beginners will learn a lot from this.

Course Complexity: Foundational

No advanced preparation or prerequisites are required for this course.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
Course Syllabus
  Introduction to Performing an Effective Business Risk Assessment in Crisis Time5:54
  Difficulty with Traditional Risk Assessments16:57
  Steps for Mitigation Activities12:28
  Current Basic Model12:37
  Dynamic Risk Management15:49
  Dynamic Risk Management Cont'd5:04
  Decide on Risk Management Approach8:42
  Actions to Build a Dynamic RA18:05
  Principles for RM During Crisis Times12:48
  Performing an Effective Business Risk Assessment in Crisis Time1:53:50
  Slides: Performing an Effective Business Risk Assessment in Crisis TimesPDF
  Performing an Effective Business Risk Assessment in Crisis Times Glossary/ IndexPDF